Ringgit rebounds as risk appetite returns

KUALA LUMPUR: The ringgit rebounded from last week’s downtrend to close firmer against the US dollar today as risk appetite returned, dealers said.

At 6 pm, the local note was quoted at 3.9030.9060 from Friday’s 3.9100/9140.

A dealer said the upbeat US nonfarm payrolls data in February, which were at its strongest in over 1-1/2 years, helped boost risk appetite globally amid improving oil prices.

“This positive developments benefited ringgit as well,” he told Bernama.

The dealer said the subsiding tensions between the US and North Korea over nuclear-related issues had also helped lift sentiment in the market.

Meanwhile, the local note was mostly lower against a basket of major currencies except the euro as the local unit rose to 4.8054/8095 from 4.8093/8158 on Friday.

The ringgit depreciated versus the Singapore dollar to 2.9678/9712 from Friday’s 2.9653/9694, weakened against the yen to 3.6627/6666 against 3.6610/6662 last week and fell against the British pound to 5.4076/4122 from 5.3997/3060 previously. – Bernama